Acadia Healthcare announced that it has purchased the stock of Quality Addiction Management (QAM) for approximately $53 million. QAM operates seven treatment centers in Wisconsin, providing behavioral and addiction treatment services to approximately 2,600 patients per day.
“We believe this transaction is consistent with our growth strategy of acquiring behavioral health services that serve a community need and complement our existing base of services. QAM has a proven track record and long history of providing quality behavioral treatment services, and we look forward to working with QAM’s caring and qualified staff,” Joey Jacobs, Chairman and Chief Executive Officer of Acadia, said in a statement.
In 2014, Acadia reached $1 billion in annual revenue, and in early 2015 closed the $1.2 billion deal to purchase CRC Health Group. In the 2014 fourth quarter earnings call, Jacobs indicated Acadia had another deal in the works.
QAM’s CEO, Dr. Michael S. Goldstone, will join Acadia as Chief Medical Officer for its comprehensive treatment centers.
QAM has offered methadone treatment services since 1997. Services cover the full continuum of addiction treatment, from the ICU/general hospital to residential treatment facilities and a variety of outpatient settings, according to the company. Self payment and Medicaid are currently accepted.
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